Simplify the deployment and scaling of automated inspection technology for O&G, wind, solar, and other industrial asset owners
ORLANDO, Fla.--(BUSINESS WIRE)--Today, at the 25th Annual NISTM Aboveground Storage Tank Conference, HUVRdata, Inc. (HUVR) welcomed Energy Robotics to the HUVR Partner Network (HPN).
“We are thrilled to have Energy Robotics as the newest member of our partner network,” said Bob Baughman, CEO HUVR. “When we created the first purpose-built inspection data management software platform, we knew from day one that seamlessly integrating with the leading inspection tools and robotics providers would be invaluable for our customers, and what Energy Robotics brings to the table is exceptional.”
The industrial asset inspection, maintenance, and repair (IRM) landscape gets bigger and more complex every year, with studies indicating that the global market will reach a compound annual growth rate (CAGR) of 7.3%, or $65.81B, by 2028. Driven by new manufacturing technologies, regulations, working environments, processes, and environmental safety & governance (ESG) requirements, energy providers and manufacturers struggle to adapt and keep up. Fortunately, both HUVR and Energy Robotics have already seen their customers thrive by adopting specialized robotics tools to meet the ever-increasing challenges.
The inspection robots market size is projected to reach between $160 and 260B by 2030. The growth of autonomous robotic inspection is driven by the numerous challenges facing manual inspection, including a shortage of engineers, remote locations, potentially dangerous work environments and deployment costs. Furthermore, the massive variety of industrial asset types, inspection needs, environments, plant structures, production processes, and compliance mandates across sectors and around the world raises the need to deploy a fleet of unique robots even in a single industry.
The robot-agnostic autonomous inspection solution from Energy Robotics enables asset owners to manage such a fleet of unique robots. The Energy Robotics software platform powers robots to reliably and consistently collect high quality inspection data. This raw data is transformed into actionable information through AI-driven analytics and delivered to the customer’s asset management system. The result is an end-to-end solution for autonomous inspection and automated data collection.
To aggregate, automate and analyze the data from a fleet of unique robotic inspection tools—as well as from existing checklist information—companies require an inspection data management software (IDMS) platform. The availability of HUVR’s holistic, easy-to-use, purpose-built platform that rolls out seamlessly, efficiently and quickly is game-changing for asset owners who all rely on multiple inspection technologies. The HUVR IDMS platform supports different types of robots and enables the integration of a variety of incremental apps to carry out the AI-supported evaluation of the collected data.
The partnership between HUVR and Energy Robotics means an integration that offers a revolutionary answer to these challenges: a software solution that brings together a hardware-independent robot control system, cloud-based fleet management, and AI-driven data analysis for industrial inspection tasks—all seamlessly connected to an enterprise-wide IDMS platform.
“With our Software-as-a-Service and Robot-as-a-Service models, we offer our customers end-to-end solutions tailored to their specific use cases,” said Marc Dassler, CEO of Energy Robotics. “Robots equipped by us can be used for remote and autonomous inspection in demanding environments such as the oil, gas, petrochemical and energy industries, and now the data and insights collected can be automatically housed in the HUVR platform.”
Since 2016, HUVRdata has been transforming the way industrial equipment owners and inspection companies manage and perform inspections, enabling immediate ROI and improved production KPIs. By partnering with HUVRdata—whose platform can merge data from any source—Energy Robotics can inject data and insights into a customer’s HUVR platform, allowing them to more efficiently plan, manage, collect data and generate findings, as well as create reports and analytics from quadruped inspections so that they stay compliant, maximize reliability and increase operational excellence.
For a video demo on how HUVR and Energy Robotics work together, please visit https://www.huvrdata.com/huvr-and-energy-robotics/.
About Energy Robotics
Energy Robotics provides an end-to-end solution for autonomous inspections in capital-intensive industries such as oil & gas, chemical, and energy. More than 50 robots with a total of more than 50,000 operating hours are already in use on four continents. Our team of robotics wizards develop software platforms that integrate seamlessly with industrial operations systems and allows operators to easily manage a fleet of mobile robots. We equip autonomous robots to capture high-quality data and use AI-driven analytics to convert it into actionable information. Our mission is to relieve humans from repetitive, undesirable, and hazardous tasks through autonomous robotics while helping industries accelerate their journey to Industry 4.0. Find more information at https://www.energy-robotics.com/.
About HUVRdata
HUVRdata is the first purpose-built Inspection Data Management Software Platform. Created in the cloud, the mobile-connected HUVR Platform enables the aggregation, analysis, and automation of visual and quantitative inspection data from any device, sensor, robot, or field technician. The largest energy producers and the most specialized inspection service providers have realized immediate ROI using HUVR to plan inspections, manage work, ingest data, assess findings and generate analytical reports – from any workflow. Industrial asset owners finally have a simple and easy way to visualize infrastructure health, ensuring compliance, reliability, and operational excellence. For more information visit https://www.huvrdata.com/.
Jamey Heinze
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today it is undertaking early front-end engineering design studies (pre-FEED) to determine the potential for carbon capture and storage to reduce greenhouse gas emissions from multiple industries in the Gippsland Basin.
The South East Australia carbon capture and storage (SEA CCS) hub would initially use existing infrastructure to store CO2 in the depleted Bream field off the coast of Gippsland, Victoria. The company is in active discussions with local industries which may be interested in accessing the SEA CCS hub to reduce emissions from their operations.
The project is designed to capture up to 2 million metric tons of CO2 per year. If technical and business feasibility is confirmed, the SEA CCS hub could be operational by 2025.
“Collaboration with other industries is an important step to unlock future carbon capture and storage opportunities for Australia, with the potential for large-scale reductions in the highest emitting industrial sectors,” said Joe Blommaert, president of ExxonMobil Low Carbon Solutions. “Sound government policies will accelerate the deployment of key technologies required to support society’s ambition for a net-zero future.”
ExxonMobil established its Low Carbon Solutions business to commercialize the company’s extensive lower-emission portfolio with the objective to create long-term shareholder value and support global emission-reduction efforts.
Low Carbon Solutions is focused on commercializing lower-emission business opportunities in carbon capture and storage, hydrogen and lower-emission fuels, by leveraging the skills, knowledge and scale of ExxonMobil. The company has more than 30 years of experience capturing CO2 and has cumulatively captured more human-made CO2 than any other company. It has an equity share of about one-fifth of the world’s carbon capture and storage capacity at about 9 million metric tons per year.
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About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement: Statements of future events, investment opportunities projects or partnerships in this release are forward-looking statements. Actual future results, including project plans, partner participation, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to scale projects and technologies on a commercially competitive basis; implementation and outcomes of carbon capture and storage projects; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; the outcome of future research and technology development programs, including the future success of collaborative efforts; the development and pace of supportive market conditions and policies including support for carbon capture and storage and hydrogen; changes in laws and regulations including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.
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AUSTIN, Texas--(BUSINESS WIRE)--Dastur International, Inc. and Dastur Energy (Dastur) announced the successful completion of the Techno-Economic Feasibility of the Indian Oil Corporation Limited’s (IOCL) Carbon Capture and Utilization Project at the 13.7 mtpa Koyali refinery in Gujarat, India. The project was funded by a grant from the United States Trade and Development Agency (USTDA).
The project, as designed, provides IOCL with a technically and economically viable solution for capturing up to almost 0.7 mtpa (million tonnes per annum) of carbon dioxide from its Steam Methane Reforming (SMR) based Hydrogen Generation Units (HGU) at a very competitive cost structure. The captured CO2 will be primarily used at the Oil and Natural Gas Commission's (ONGC) Gandhar oilfields for enhanced oil recovery (EOR) from its maturing oil wells. A part of the captured CO2 is also expected to be liquefied and purified to 99.9% for supply to food and beverage sector consumers.
The carbon capture solution designed by Dastur would allow IOCL to substantially decarbonize its HGU operations and support IOCL’s strategy of producing clean hydrogen. The project also supports the Government of India’s mandate of decarbonizing the oil & gas sector. With carbon accounting likely to become a reality in developing carbon markets, this carbon capture project can be expected to provide a competitive advantage to IOCL in the form of carbon credits in the international markets.
The carbon capture system designed by Dastur provides IOCL with an integrated solution across the carbon value chain, enabling industrial-scale carbon capture and disposition. The project brings together Austin, TX based Dastur Energy’s knowhow and capabilities in the areas of energy engineering, gas processing, carbon capture technologies, energy supply chains and economics; Houston, TX based Air Liquide’s carbon capture technology offerings; the University of Texas at Austin’s Bureau of Economic Geology’s (BEG) experience in research and development in EOR; and India based M. N. Dastur & Co. (P) Ltd.’s engineering and capital project delivery capabilities.
Shri S.S.V. Ramakumar, Director (R & D) and Board member of IOCL, said, “The project and Dastur’s work provide a blueprint for IOCL and ONGC to pursue the ambitious goal of combining industrial-scale carbon capture with CO2 EOR in India. Dastur and its partners evaluated different CO2 sources and carbon capture technologies from multiple vendors to engineer a techno-economically feasible solution that we can implement within the constraints and challenges of a large and complex operating refinery. The novel use of advanced gas processing to provide an extremely competitive cost of carbon capture bodes well for the future success of the project.”
Atanu Mukherjee, President and Chief Executive Officer of Dastur, said, “I want to thank IOCL and our partners for their contribution in achieving a globally competitive cost of CO2 capture, including opex and capex in this design and charting the path forward for the first industrial-scale CCUS project in India. Carbon capture and its effective utilization is a central building block for enabling the future transition to net zero. We are committed to supporting our clients worldwide in implementing effective energy transition plans, whether it be at North America’s first carbon capture project at the blast furnaces at Cleveland-Cliffs’ Burns Harbor steel plant or a Middle East oil major’s recent plan to capture multi-million tonnes of CO2 for large scale EOR.”
USA: Abhijit Sarkar
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India: Saurav Chatterjee
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LOS ANGELES--(BUSINESS WIRE)--#climate--WasteFuel, the developer of low-carbon biofuels from waste, announces the appointment of leading biofuels executive Jeffrey Briggs as Chief Operating Officer.
As COO, Jeff will build upon the success of WasteFuel's recent deals with shipping giant Maersk and private aviation leader NetJets by evolving the company’s growth strategies. He will help lead the development of additional biorefineries in the coming years and oversee operations across the company’s efforts.
Jeff has over 20 years’ experience in the energy and investment sectors. He previously spent 10 years as COO of Green Plains, a publicly traded biofuels company, where he was responsible for all operations and oversaw 17 biofuel plants. He was formerly founder and partner at Frigate Capital and served as a Nuclear Submarine Officer in the U.S. Navy.
Jeff has a Master in Business Administration degree from Harvard Business School and a Bachelor of Science degree in Mechanical Engineering, Thermal and Power Systems from UCLA.
Jeff Briggs, COO of WasteFuel said: "Transportation is one of the hardest, but most important sectors to decarbonize. I am excited to join the WasteFuel team and am looking forward to scaling the production of WasteFuel’s renewable fuel solutions to reduce emissions and revolutionize mobility by air, land, and sea.”
Trevor Neilson, Co-founder, Chairman and CEO of WasteFuel said: "In order to address the climate emergency we must rebuild the world’s energy infrastructure. Jeff’s addition to the talented WasteFuel team will accelerate our efforts to build WasteFuel biorefineries around the world and to supply large volumes of WasteFuel to our current and future customers.”
About WasteFuel
WasteFuel uses proven technologies to address the climate emergency and revolutionize mobility. We convert municipal (trash) and agricultural waste into low-carbon fuels, renewable natural gas, and green methanol. For more information visit: www.wastefuel.com.
Abby Pick
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View this news release in American Sign Language.
WASHINGTON--(BUSINESS WIRE)--Gallaudet University, the world’s premier institution of higher education for deaf and hard of hearing students, has partnered with Scale Microgrid Solutions and Urban Ingenuity to build a world-class, clean energy microgrid on its campus in Northeast Washington.
A microgrid is a system that combines multiple sources of electricity and can operate independently or collaboratively with the grid. The project sets a new standard for clean, resilient energy in the heart of the Nation’s Capital. The microgrid will deliver reliable energy for the campus and significantly reduce the university’s utility costs. Expected to go online by Fall 2023, the project will meet much of the university’s energy demand, provide clean power to the surrounding community, and relieve congestion on the city’s electricity grid.
“After several years of careful planning, we are excited that this transformational project is becoming a reality,” said Gallaudet University President Roberta J. Cordano. “The microgrid will help Gallaudet meet the energy challenges of the 21st century. Gallaudet has been an anchor in the District for 158 years, and we are proud to be building an energy system that will benefit the community.”
“We are thrilled to partner with Gallaudet University on a truly breakthrough system that not only will deliver valuable resiliency benefits for the university but also provide the surrounding community with access to cleaner energy,” said Ryan Goodman, Chief Executive Officer of Scale Microgrid Solutions.
The system will work in parallel with the utility to power the campus and, in the event of a grid outage, will provide nearly all the University’s electricity needs, allowing campus operations to continue with minimal disruption. In addition, electricity generated by the solar arrays will be available to Washington, D.C. residents, nonprofit organizations, and small businesses through the District of Columbia community solar program. Through this offering, as many as 1,500 nearby households or small businesses that lack the roof space or capital to install solar panels will be able to purchase solar energy generated at Gallaudet.
“With this ground-breaking project, Gallaudet University is demonstrating that clean and resilient infrastructure offers a vital source of innovation and growth for the National Capital region and the nation,” said Bracken Hendricks, CEO of Urban Ingenuity, the microgrid architect serving as financial and technical advisor in developing this system. “As a flagship educational institution for Washington, D.C. and as a cornerstone of the global deaf and hard of hearing community, Gallaudet deserves tremendous credit for providing the vision and leadership required to build climate solutions, while ensuring a more just and resilient local community. We are honored to be part of this world-class team.”
The project’s participation in the D.C. community solar program is made possible through extensive collaboration with Potomac Electric Power Company (PEPCO). Typically, on-site community solar projects connect to the grid directly, skipping the home or building's power infrastructure entirely. However, in this case, the electricity production from the solar panels distributed across Gallaudet's campus is being tracked and allocated for community solar credits, despite being connected to the university's own electrical infrastructure. This "virtual front of the meter" approach let Scale develop the project without the need for extensive cabling costs that would be required to aggregate these many distributed solar systems and connect them directly to PEPCO's grid. Instead, they simply connect to the nearest power panel and PEPCO tracks the output through sensors and software.
The microgrid consists of 2.5 megawatts of solar photovoltaic panels spread across numerous campus rooftops and parking garages, a 1.2MW/2.5MWh Tesla Megapack, and 4.5MW combined cooling, heat, and power (CCHP) system. Advanced microgrid controls ensure that these components work seamlessly together and with the broader power grid.
Scale Microgrid Solutions will design, build, and operate this project with a consortium of industry-leading technology and contracting collaborators, including Urban Ingenuity, Schneider Electric, Tesla, Mitsubishi, CHA Consulting, and New Columbia Solar.
About Gallaudet University
Gallaudet University, federally chartered in 1864, is a bilingual, diverse, multicultural institution of higher education that ensures the intellectual and professional advancement of Deaf, hard of hearing and Deafblind individuals through American Sign Language and English. The university enrolls over 1,400 students in more than 40 undergraduate majors, as well as a multitude of master’s and doctoral degree programs. Gallaudet also conducts research in various fields, including accessible technology, Deaf history and culture, Black Deaf history and culture, brain imaging, educational neuroscience, education, linguistics, and psychology.
About Scale Microgrid Solutions
Scale is a vertically integrated distributed energy platform, with a core focus of designing, building, financing, owning, and operating cutting-edge distributed energy assets that offer cheaper, cleaner, and more resilient power. Scale’s team of energy and financing experts accelerate growth in distributed energy projects by providing financing to technology providers, energy developers, and OEMs, while also directly helping large energy-consuming customers take charge of their energy infrastructure and future-proof their businesses.
About Urban Ingenuity
Urban Ingenuity (UI) is a local business headquartered in Washington, D.C. with over 10 years of experience financing and developing clean energy projects that promote economic development and build just, green, and resilient neighborhoods. UI oversees the D.C. Property Assessed Clean Energy (DC PACE) financing program for the D.C. Green Bank. UI’s track record includes successful deployment of community solar and microgrid projects, and directly structuring over $100 million of clean energy assets in the nation’s capital and around the country with a special focus on projects that promote social equity and housing affordability.
Media Contacts
Robert Weinstock
Director, Public, Media, and Community Relations
Gallaudet University
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Nicole Green
Director, Marketing and Branding
Scale Microgrid Solutions
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Investment to drive the development of rate analytics and complex billing solutions that accelerate our clean energy transition; industry veteran Chris Black takes the helm of fast-growing company
MILPITAS, Calif.--(BUSINESS WIRE)--GridX, the leading enterprise rate platform provider to modern utilities and energy technology companies, today announced it has closed $40 million in Series C funding led by Energy Impact Partners (EIP), a global investment platform leading the transition to a sustainable energy future. Moore Strategic Ventures (MSV), Sunfox Capital and NGP ETP also participated in the round with Hunter Horgan of MSV joining the company’s board of directors. GridX also announced that Chris Black has been appointed CEO of GridX. Both moves aim to speed the clean energy transition by accelerating the development of GridX’s leading rate analytics and complex billing solutions, and building out its sales and marketing, product, and engineering teams.
“Following our initial investment in GridX in 2021, the imperative to eliminate carbon from our economy has grown leaps and bounds,” said Lindsay Luger, Co-Founder & Partner, Energy Impact Partners. “While solutions to this generational challenge are still emerging, one thing is certain – electrification, adoption of distributed energy resources and increasingly complex rate structures demand the type of advanced analytics solutions provided by GridX.”
The energy industry is undergoing the largest transition since the advent of electricity. Utilities around the world have committed to dramatically reducing or eliminating carbon from our economy over the next 30 years. Critical to that effort is electrifying transportation and heating, increasing the adoption of distributed energy resources like smart thermostats, solar, and storage, and helping customers shift their usage to times of the day when energy is most sustainable. GridX sits at the intersection of these trends with analytics solutions that manage the deployment of increasingly complex rate structures.
From helping utilities design and implement new rates, to matching customers with those optimized for them, and accurately calculating the impact of energy-related actions on bills, GridX empowers energy suppliers to swiftly deploy new business models. Today, GridX works with some of the most innovative utilities and retail energy suppliers across North America, including Pacific Gas and Electric Company, Southern California Edison, PSEG Long Island, and Consumers Energy, to serve more than 19 million homes and businesses.
“I can’t think of a more exciting industry to be in as energy professionals are literally reinventing the way we power our daily lives,” said Chris Black, CEO, GridX. “But with these innovations come increased complexity from the exponential growth in distributed energy resources like solar and electric vehicles. Unfortunately, this complexity is most often felt by energy consumers because we’ve struggled to translate the impact of these technologies into dollars and cents so people know exactly what they can expect to pay. Communicating energy impact is easy but conveying the bill impact is incredibly hard. GridX is unique in its ability to do exactly this for anyone with an energy value proposition to homes and businesses.”
Chris brings nearly 30 years of technology and operational expertise to GridX, most recently serving as a principal partner at Huck Capital, an investment firm at the forefront of building the next generation of sustainable, tech-enabled energy providers. Prior to that, he was CTO and COO at Tendril, an early pioneer and eventual leader in the home energy management space. While at Tendril, Chris was instrumental in executing an aggressive strategy to acquire the leading companies in the space to form a new entity. That company – Uplight – is now the industry’s leading technology partner for providers transitioning to the clean energy ecosystem.
About GridX, Inc.
GridX, Inc. partners with utilities and energy suppliers to transform their businesses and accelerate the clean energy transition. The company’s Enterprise Rate Platform helps these organizations to develop new products and business models to achieve their clean energy goals; quickly operationalize new offerings in their billing and settlement processes; and better engage with their customers for broader program adoption. GridX’s platform is used by leading utilities, retail energy suppliers and energy ecosystem OEMs to serve more than 19 million homes and businesses. For more information, visit www.gridx.com.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 70 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About Moore Strategic Ventures
Moore Strategic Ventures, LLC is the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LLC.
About Sunfox Capital
Sunfox Capital provides growth equity to businesses accelerating the energy transition. The firm leans on its deep energy system expertise to anticipate new challenges caused by the growth of solar, wind, storage and EVs. Sunfox then identifies and invests in exceptional management teams building and scaling the solutions to those challenges. The Sunfox team supports its portfolio companies with the capital, relationships, and expertise required to accelerate their growth. For more information, please visit www.sunfoxcapital.com.
About NGP ETP
NGP ETP focuses on investments that are part of the global transition toward a low carbon economy. NGP ETP partners with top tier management teams and invests growth equity in companies that drive or enable the growth of renewable energy, the electrification of our economy or the more efficient use of energy. Founded in 2005, NGP ETP is one of the most experienced energy transition investors in the industry. For additional information, visit www.ngpenergycapital.com/energy-transition.
NGP ETP is affiliated with NGP Energy Capital Management (“NGP”). Founded in 1988, NGP is a premier equity firm with over $20 billion of cumulative equity commitments organized to make strategic investments in the energy industry. For more information visit www.ngpenergycapital.com.
Brad Langley
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Strategic Acquisitions of Liquids-Weighted Assets in Western Eagle Ford
Meaningfully Increases Size and Scale
Overlapping, Contiguous Acreage Positions Drive Compelling Industrial Logic
Accretive to Key Financial & Operational Metrics
HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it has entered into a definitive agreement to acquire substantially all of the assets of Sundance Energy, Inc. and certain affiliated entities (collectively, “Sundance”) for a total purchase price of $354 million and up to $15 million of contingent payments based on future commodity prices. The Sundance transaction, which is expected to close in the third quarter of 2022, has been unanimously approved by the Boards of Directors of both companies. The closing of the transaction is subject to SilverBow shareholder approval and satisfaction or waiver of customary closing conditions.
SilverBow also announced today that it has entered into a definitive agreement to acquire certain assets from SandPoint Operating, LLC, a subsidiary of SandPoint Resources, LLC, (collectively, “SandPoint") for a total purchase price of $71 million. The oil and gas assets target the Eagle Ford and Olmos formations in La Salle and McMullen counties. The SandPoint transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the second quarter of 2022, subject to customary closing conditions.
Sundance Overview:
SandPoint Overview:
Pro Forma Company Including Sundance and SandPoint:
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “SilverBow has a disciplined approach towards growth based on our strict investment criteria. Today’s transformative news builds on our recent series of transactions while advancing a number of our strategic objectives. These deals mark the fourth and fifth acquisitions we have announced since the second half of last year, which cumulatively total over $550 million of transaction value. We are significantly increasing SilverBow’s size, scale and cash flow while maintaining a conservative balance sheet and a leverage ratio of less than 1.0x by year-end 2022. Pro forma for the transactions, liquids production will comprise a third of our production mix, allowing us to capture margin uplift from the current strength in liquids pricing. SilverBow will now have even greater optionality to allocate capital between both oil and gas development, which has been a cornerstone of the Company’s strategy over the last few years.”
Mr. Woolverton commented further, “There is strong industrial logic for these acquisitions as the acreage overlap will allow SilverBow to drive synergies and optimize development plans. We estimate we have the ability to generate approximately $450 million of incremental free cash flow through 2024, with total SilverBow pro forma free cash flow greater than a $1.0 billion. We have already identified approximately $15 million of annual synergies through a combination of operational and corporate efficiency gains. The significant production and cash flow from existing wells, coupled with a conservative balance sheet and ample liquidity, positions SilverBow to self-fund high rate of return projects and simultaneously further our consolidation efforts. While we have created significant shareholder value to-date, we are excited about the prospects that lie ahead. We look forward to integrating our latest transactions and continuing to unlock value for our stakeholders moving forward.”
SUNDANCE TRANSACTION DETAILS AND FUNDING
The Sundance transaction has an effective date of May 1, 2022 and is expected to close in the third quarter of 2022. The aggregate purchase price of approximately $354 million consists of $225 million in cash, subject to customary closing adjustments, and 4.1 million shares of SilverBow common stock valued at $129 million based on its 30-day volume weighted average price as of April 8, 2022. Up to an additional $15 million dollars of contingent payments may be payable to Sundance based upon future commodity prices. In addition to customary closing adjustments, SilverBow will benefit from a $16.5 million downward adjustment to cash consideration at close related to the assumption of Sundance’s existing hedge book. SilverBow intends to fund the cash portion of the consideration, fees and expenses with cash on hand and borrowings under its revolving credit facility.
SANDPOINT TRANSACTION DETAILS AND FUNDING
The SandPoint acquisition also has an effective date of May 1, 2022 and is expected to close in the second quarter of 2022. The aggregate purchase price of approximately $71 million consists of $31 million in cash, subject to customary closing adjustments, and 1.3 million shares of SilverBow common stock valued at $40 million based on its 30-day volume weighted average price as of April 8, 2022. SilverBow intends to fund the cash portion of the consideration, fees and expenses with cash on hand and borrowings under its revolving credit facility.
INVESTOR PRESENTATION AND OTHER DETAILS
SilverBow has posted a presentation highlighting the transactions under the “Investor Relations” section of the Company’s website, www.sbow.com. Investors are encouraged to access and review the transaction presentation for additional details and information.
ADVISORS
Barclays is serving as financial advisor to SilverBow on the Sundance transaction. Gibson, Dunn & Crutcher, LLP is serving as legal advisor to SilverBow on both transactions.
Piper Sandler & Co. and TD Securities (USA) LLC are serving as financial advisors to Sundance. Kirkland & Ellis LLP is serving as legal advisor to Sundance.
Latham & Watkins, LLP is serving as legal advisor to SandPoint.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this press release, including those regarding benefits of the transactions, closing of the transactions, our strategy, future operations, 2022 guidance and preliminary outlook for SilverBow and the acquired assets, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, future free cash flow and expected leverage ratio, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “budgeted,” "guidance," “expect,” “may,” “continue,” “predict,” “potential,” “preliminary,” “plan," “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, risks and uncertainties discussed in the Company’s reports filed with the SEC.
All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements. The Company’s capital budget, operating plan, service cost outlook and development plans are subject to change at any time. The issuance of the stock consideration in the Sundance transaction requires approval of SilverBow stockholders in accordance with the listing rules of the New York Stock Exchange, and the Company cannot provide assurances on the timing or outcome of that approval. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. The risk factors and other factors noted herein and in the Company's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.
All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.
(Footnotes)
(Definition of Non-GAAP Measures as Calculated by the Company) (Unaudited)
The following non-GAAP measures are presented in addition to financial statements as SilverBow believes these metrics and performance measures are widely used by the investment community, including investors, research analysts and others, to evaluate and useful in comparing investments among upstream oil and gas companies in making investment decisions or recommendations. These measures, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures provided by others. A non-GAAP measure should not be considered in isolation or as a substitute for the related GAAP measure or any other measure of a company's financial or operating performance presented in accordance with GAAP. A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure or measures is presented below. These measures may not be comparable to similarly titled measures of other companies.
Adjusted EBITDA: The Company presents Adjusted EBITDA attributable to common stockholders in addition to reported net income (loss) in accordance with GAAP. Adjusted EBITDA is calculated as net income (loss) plus (less) depreciation, depletion and amortization, accretion of asset retirement obligations, interest expense, impairment of oil and natural gas properties, net losses (gains) on commodity derivative contracts, amounts collected (paid) for commodity derivative contracts held to settlement, income tax expense (benefit); and share-based compensation expense. Adjusted EBITDA excludes certain items that SilverBow believes affect the comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. Adjusted EBITDA is used by the Company's management and by external users of SilverBow's financial statements, such as investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. It is also used to assess SilverBow's ability to incur and service debt and fund capital expenditures. Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA is important as it is considered among the financial covenants under the Company's First Amended and Restated Senior Secured Revolving Credit Agreement with JPMorgan Chase Bank, National Association, as administrative agent, and certain lenders party thereto (as amended, the “Credit Agreement”), a material source of liquidity for SilverBow. Please reference the Company's 2021 Form 10-K and subsequent 8-Ks for discussion of the Credit Agreement and its covenants. The Company has provided forward-looking Adjusted EBITDA estimates; however, SilverBow is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure because the items necessary to estimate such forward-looking GAAP measure are not accessible or estimable at this time without unreasonable efforts. The reconciling items in future periods could be significant.
Free Cash Flow and Free Cash Flow per Share: Free cash flow is calculated as Adjusted EBITDA (defined above) plus (less) monetized derivative contracts, cash interest expense, capital expenditures and current income tax (expense) benefit. The Company believes that free cash flow is useful to investors and analysts because it assists in evaluating SilverBow's operating performance, and the valuation, comparison, rating and investment recommendations of companies within the oil and gas industry. Free cash flow per share is calculated by taking free cash flow divided by the number of common shares outstanding of the Company at a given date. SilverBow uses this information as one of the bases for comparing its operating performance with other companies within the oil and gas industry. Free cash flow should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. The Company has provided forward-looking free cash flow and free cash flow per share estimates; however, SilverBow is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measure because the items necessary to estimate such forward-looking GAAP measure are not accessible or estimable at this time without unreasonable efforts. The reconciling items in future periods could be significant.
Total Debt to Adjusted EBITDA (Leverage Ratio): Leverage Ratio is calculated as total debt, defined as long-term debt excluding unamortized discount and debt issuance costs, divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. The Company has provided a forward-looking Leverage Ratio estimate; however, SilverBow is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure because the items necessary to estimate such forward-looking GAAP measure are not accessible or estimable at this time without unreasonable efforts. The reconciling items in future periods could be significant.
PV-10: PV-10 is a non-GAAP measure that represents the estimated future net cash flows from estimated proved reserves discounted at an annual rate of 10 percent before giving effect to income taxes. PV-10 is most comparable to the Standardized Measure which represents the discounted future net cash flows of the after-tax estimated future cash flows from estimated proved reserves discounted at an annual rate of 10 percent, determined in accordance with GAAP. The Company uses non-GAAP PV-10 value as one measure of the value of its estimated proved reserves and to compare relative values of proved reserves amount exploration and production companies without regard to income taxes. Management believes PV-10 value is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend principally on the characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. The Company has provided a PV-10 estimate; however, SilverBow is unable to provide a quantitative reconciliation of this non-GAAP measure to the most directly comparable GAAP measure because the items necessary to estimate such GAAP measure are not accessible or estimable at this time without unreasonable efforts. The reconciling items in future periods could be significant.
Re-Investment Rate: Re-investment rate is calculated as capital expenditures divided by the sum of capital expenditures and FCF (defined above) for a given time period. SilverBow believes that re-investment rate is useful to investors because it reflects the magnitude of capital needed to be invested back into the Company's operations, relative to the total potential cash flows to which stakeholders could have received. Within the oil and gas industry, shale development typically requires substantial, ongoing capital investments to sustain production due to the nature of high-decline rates in shale wells. SilverBow uses re-investment rate to supplement its analysis of future capital investments to the business against returns for stakeholders. Re-investment rate could vary in definition from company to company, and a higher or lower measure does not necessarily indicate better or worse; therefore re-investment rate should not be considered an alternative to operating income (loss), cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities or any other measure of financial performance or liquidity presented in accordance with GAAP.
Additional Information and Where to Find It
This communication does not constitute an offer to buy, or solicitation of an offer to sell, any securities of SilverBow. This communication relates to a proposed transaction involving SilverBow and Sundance that will become the subject of a proxy statement to be filed with the U.S. Securities and Exchange Commission (the “SEC”) that will provide full details of the proposed transaction and the attendant benefits and risk. This communication is not a substitute for the proxy statement or any other document that SilverBow may file with the SEC or send to its shareholders in connection with the proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SILVERBOW AND THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain these materials (when they are available) and other documents filed with the SEC free of charge at the SEC’s website, www.sec.gov. In addition, copies of the proxy statement and other relevant documents (when they become available) may be obtained free of charge by accessing SilverBow’s website at www.sbow.com by clicking on the “Investors” link, or upon written request to SilverBow, 920 Memorial City Way, Suite 850, Houston, Texas 77024, Attention: Investor Relations. Shareholders may also read and copy any reports, statements and other information filed by SilverBow with the SEC, at the SEC at 1-800-SEC-0330 or on the SEC’s website.
Participants in the Solicitation
SilverBow and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from shareholders in respect of the transaction under the rules of the SEC. Information regarding SilverBow’s directors and executive officers is available in its definitive proxy statement filed with the SEC on March 30, 2022 in connection with its 2022 annual meeting of shareholders. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in SilverBow’s proxy statement and other relevant materials to be filed with the SEC when they become available.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
DUBLIN--(BUSINESS WIRE)--The "APAC Data Center Power Market - Industry Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The APAC data center power market by investment is expected to grow at a CAGR of 7.23% during the period 2022-2027.
APAC is currently one of the most dynamic data center markets across the globe, with increased investments from colocation providers as well as hyperscale operators.
In APAC, factors such as increased digitalization spurred by COVID-19, cloud adoption, an increased OTT market, 5G deployment across countries, and adoption of advanced technologies like big data and IoT will drive the data center power market.
APAC DATA CENTER POWER MARKET SEGMENTATION
UPS systems with a capacity of >=500 kVA are widely adopted in APAC. Over the forecast period, however, < 500 kVA UPS systems will witness the highest CAGR in the region, owing to edge data centers, and rack and row level adoption by hyperscale operators.
In 2021, China contributed to over 35% of the overall investment in power infrastructure in APAC, followed by Southeast Asia. Within power infrastructure, UPS systems witnessed the highest investment share, followed by generators.
GEOGRAPHICAL ANALYSIS
Power fluctuations and outages are a major impediment for business continuity, especially in APAC, including countries such as Indonesia and Thailand, and India, driving additional demand for backup power sources.
Historically, APAC has been slower than other regions like US and Western Europe in terms of renewable energy adoption. However, with the push towards sustainability, operators are expected to adopt renewable energy in data centers in the forecast period.
VENDOR ANALYSIS
Power instability is one of the major challenges faced by data center operators in the APAC region. Therefore, vendors are making efforts to overcome the challenges.
As the APAC data center market is one of the fastest-growing markets across the globe, it is witnessing intense competition owing to the heightened interest shown by operators in procuring energy-efficient infrastructure solutions.
Prominent Vendors
Other Prominent Vendors
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Market Overview
7.2 Power Architecture in Data Centers
7.3 Data Center Site Selection Criteria
7.4 List of Submarine Cables in APAC
7.5 Electricity Pricing Across APAC Countries
8 Market Opportunities & Trends
8.1 Innovative Data Center Technologies
8.2 5G Deployments Fueling Edge Data Center Investments
8.3 Adoption of Carbon-Free Energy Sources
8.4 Adoption of Lithium-Ion UPS Battery Technology
8.5 Emergence of Fuel Cells
8.6 Adoption of Software-Defined Data Center (SDDC) and Advanced Monitoring
9 Market Growth Enablers
9.1 Covid-19 Impact on Data Center Investments
9.2 Power Outages in APAC Data Centers
9.3 Increase in Data Center Investments
9.4 Growth in Rack Power Density
9.5 Adoption of Modular Power Solutions
10 Market Restraints
10.1 High Infrastructure Maintenance Cost
10.2 Rising Carbon Emissions from Data Centers
10.3 High Procurement Cost of Efficient Power Infrastructure
11 Market Landscape
11.1 Market Overview
11.2 Investment: Market Size & Forecast
11.3 Power Capacity: Market Size & Forecast
11.4 Five Forces Analysis
12 Electrical Infrastructure
12.1 Market Snapshot & Growth Engine
12.2 Ups Systems
12.3 Generators
12.4 Transfer Switches & Switchgears
12.5 Power Distribution Units
12.6 Other Electrical Infrastructure
13 Ups Systems
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 < =500 Kva UPS Systems
13.4 500-1,000 Kva UPS Systems
13.5 >1,000 Kva UPS Systems
14 Generators
14.1 Market Snapshot & Growth Engine
14.2 0-1.5 Mw Generators
14.3 >1.5-3 Mw Generators
14.4 >3 Mw Generators
15 Tier Standards
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Tier I & II
15.4 Tier III
15.5 Tier IV
16 Geography
16.1 Investment: Market Snapshot & Growth Engine
16.2 Power Capacity: Snapshot & Growth Engine
17 China
18 Hong Kong
19 Australia
20 New Zealand
21 India
22 Japan
23 Taiwan
24 South Korea
25 Rest of APAC
26 Southeast Asian Countries
27 Singapore
28 Indonesia
29 Malaysia
30 Philippines
31 Thailand
32 Vietnam
33 Other Southeast Asia Countries
For more information about this report visit https://www.researchandmarkets.com/r/7pmb05
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Energy Dome’s long-duration energy storage technology is recognized for its ability to decarbonize the economy at low cost, while offering durability, efficiency, and global scalability
MILAN--(BUSINESS WIRE)--Energy Dome today announced it has been named a winner in the Bloomberg New Energy Finance (BNEF) Pioneers 2022 technology competition, which identifies the most impactful and original technology innovations for advancing the low-carbon economy. Energy Dome is the first Italian company to win this prestigious competition. BNEF recognized Energy Dome for its development and commercialization of the CO2 Battery long-duration energy storage technology, under the category “providing round-the-clock zero-emissions power."
Founded in 2019, Energy Dome provides a durable, low-cost method of storing and dispatching renewable energy onto the grid over periods from four to 24 hours, by using carbon dioxide in a closed loop charge/discharge cycle with no emissions to the atmosphere. Energy Dome plans to build energy storage projects at half the cost of lithium-ion battery storage technology globally.
"To be selected as a BNEF Pioneers 2022 winner is not only a huge honor, but also a strong validation of our technology and product, the CO2 Battery, which we are deploying at commercial scale,” said Energy Dome Founder and CEO Claudio Spadacini. “We are already seeing strong global interest in the CO2 Battery, which uses tried and tested components, costs half of lithium-ion technology, is highly efficient (Round Trip Efficiency 75+%) and has no performance degradation during its 30+ year project lifetime. We believe the CO2 Battery will help significantly accelerate the clean energy transition by replacing baseload fossil fuels with fully dispatchable solar and wind energy."
As a winner of the BNEF Pioneers 2022, Energy Dome will join the prestigious group of Pioneer alumni.
BNEF Pioneers annually identifies the most promising and impactful technologies that can accelerate global decarbonization and halt climate change. Pioneers are innovators in sectors including energy, transport, materials, manufacturing, consumer products, and agriculture.
Energy Dome’s first commercial CO2 Battery storage facility is under construction in Sardinia, Italy and now offers the CO2 Battery on utility scale, with performance warranties. Energy Dome also recently signed an agreement with Ansaldo Energia that envisions developing as many as 30 energy storage facilities over the next five years in Italy, Germany, the Middle East, and Africa. The facilities will use Energy Dome’s non-flammable, non-toxic carbon dioxide-based energy storage solution to store and dispatch power around the clock.
About Energy Dome
Energy Dome is an energy storage solution provider that is unlocking renewable energy by making solar and wind power dispatchable using the CO2 Battery. Led by a team with a track record of innovation in the energy sector, Energy Dome’s low-cost energy storage technology helps accelerate the global transition to renewable energy by enabling greater penetration of renewables on the grid. For more information, please visit www.energydome.com.
Media
Cassandra Sweet
Antenna for Energy Dome
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Inergy and EMP Shield Collaborate to Bring New EMP Protection to Portable Solar Power Storage
POCATELLO, Idaho--(BUSINESS WIRE)--#PowerForLife--Inergy (www.inergytek.com), provider of the world’s most adaptable energy storage solutions, announces a partnership with EMP Shield, Inc., the world leader in EMP protection technology. The two U.S. companies have collaborated to create the first and only EMP-proof portable solar power station/generator in the world. The EMP Shields protect the Flex power station and all attached electronics, whether in use or in storage.
“Inergy is honored to partner with EMP Shield to offer customers peace of mind,” said Jared Grover, President of Inergy. “Together, we can offer our customers confidence that every device connected to a Flex system is completely protected from EMP attacks, lightning strikes, or CMEs (coronal mass ejections). The EMP Shield actively monitors the Flex Power Station and acts as an insanely fast vacuum to pull away any overvoltage before equipment damage can occur.”
The patented EMP Shield devices begin protecting the Flex Power Station and any devices connected to it in less than 500 trillionths of a second.
Learn more about EMPs and CMEs here.
“We believe Inergy’s modular Flex platform is the future of portable solar backup, and together, EMP Shield and Inergy will change the game for solar power users,” said Andrew Bucchin, Director of Sales & Marketing for EMP Shield, Inc. “Our technology is made in the U.S.A., and we wanted to work with another innovative American company, so EMP Shield looks forward to working with Inergy for years to come.”
Learn more about the Flex EMP Shield at www.InergyTek.com/EMPShield; or watch a video HERE.
EMP Shields are built to exceed military standards (MIL-STD-188-125-1) and tested at a DOD-approved testing facility. EMP Shield devices are UL 1449 compliant; and each EMP Shield device is guaranteed by EMP Shield’s $25,000 insurance policy.
About EMP Shield:
EMP Shield Inc. is a leader in EMP defense technologies. This technology can be employed in electrical systems, vehicles, critical infrastructure, and more. All EMP Shield devices have completed military certified testing at multiple testing facilities, including Keystone Compliance and MetaTech. EMP Shield is listed by the Department of Homeland Security in the 2019 EMP Resilience report. EMP Shield currently serves on over a dozen national boards, committees, and pilot programs focused on the national power grid & EMP protection.
About Inergy:
Inergy creates products that help individuals worldwide improve their quality of life with adaptable, renewable power. The company products provide its customers with power anywhere, any time; so they can enjoy the good times, prepare for hard times, and rise above any obstacle life may throw at them. Inergy is leading the renewable power revolution with energy solutions available to individual consumers, families, businesses, and the U.S. Armed Forces through multiple awarded grants.
Stephen Whyte, Strategic Connections, LLC
Telephone: 801-529-3060
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Andrew Bucchin, Director of Sales & Marketing, EMP Shield
Telephone: 620-412-9978
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Nantum OS will bring real-time artificial intelligence and machine learning to help JPMorgan Chase operate its real estate more efficiently
NEW YORK--(BUSINESS WIRE)--Today, Prescriptive Data announced that JPMorgan Chase has started to use its Nantum OS software to help the global financial services firm optimize its energy use and reduce its carbon footprint.
The Nantum OS software will be embedded in JPMorgan Chase’s building management systems at its larger commercial real estate properties across the globe to help each building run more efficiently by using artificial intelligence and sensor technology to track and improve the firm’s energy use. The software analyzes historical and real-time data from occupancy monitoring devices, indoor air quality sensors, thermostats and building meters. The data then links directly to the buildings’ HVAC systems to ensure that the least amount of energy is being used without sacrificing the comfort level and indoor air quality for occupants.
Using Nantum OS software as the platform, JPMorgan Chase has designed a converged technology approach to meet its carbon emission reduction goals, that involves the fusion of the Internet of Things (IoT), Artificial Intelligence (AI), and Distributed Ledger Technology (DLT, more commonly known as blockchain).
“We’ve been working with the amazing building operations and sustainability teams at JPMorgan Chase since 2018, and we are excited to help the organization reach its operational carbon emission reduction goals,” said Sonu Panda, CEO of Prescriptive Data. “Over the next few years, artificial intelligence and machine learning will be at the forefront of climate technologies, and JPMorgan Chase continues to be a market leader and pioneer in this space.”
“We’re committed to using state-of-the art technology, including artificial intelligence and blockchain technology, to better manage decarbonization of our energy footprint across our global real estate portfolio,” said Hal Corin, Vice President of Sustainability for JPMorgan Chase's Global Real Estate Group.
JPMorgan Chase achieved carbon neutrality in its operations in 2020, and has set additional targets to drive progress on operational sustainability, including a commitment to reduce its Scope 1 and Scope 2 greenhouse gas emissions by 40% by 2030. The firm continues to support the development of renewable energy by installing on-site renewable energy systems and executing long-term renewable energy procurement agreements, and has set a goal that these solutions will make up 70 percent or more of its renewable energy procurement by 2025.
JPMorgan Chase is committed to helping facilitate the transition to a low-carbon world. The firm strives to promote a sustainable and inclusive economy by setting carbon reduction targets for the Oil & Gas, Electric Power and Auto Manufacturing sectors, and aiming to finance and facilitate $2.5 trillion in sustainable development through 2030.
Later this year, Nantum OS will be announcing its Algo Marketplace, allowing other AI algorithm companies to plug directly into the Nantum OS platform. This will give real estate operators like JPMorgan Chase the ability to plug-and-play different automated energy conservation measures, creating a new age of smart building automation and sustainability.
About Prescriptive Data’s Nantum OS:
Nantum OS is an artificial intelligence and machine learning climate technology designed for commercial real estate operators and sustainability managers. Nantum OS allows real estate managers to visualize building HVAC systems, metering systems, people counting systems, IoT devices (air quality, lighting, shade, smart glass), distributed energy systems (battery storage, fuel cells, on-site generation equipment, solar), and third-party datasets in real time. Nantum OS uses real-time AI/ML algorithms to reduce building energy demand, suppress carbon emissions, and shrink utility costs. Each building on Nantum OS uses the least amount of energy and carbon emissions while delivering the maximum amount of health and comfort to occupied spaces.
JPMorgan Chase:
JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ("U.S."), with operations worldwide. JPMorgan Chase had $3.7 trillion in assets and $297.1 billion in stockholders' equity as of December 31, 2021. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Elise Szwajkowski
Marino PR
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EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced its call for nominations for the 2022 Going Digital Awards in Infrastructure. This juried awards program celebrates the most exemplary projects that represent going digital advancements in infrastructure. The deadline for nominations is May 23, 2022.
The Going Digital Awards in Infrastructure categories include:
The categories for the 2022 Going Digital Awards in Infrastructure encompass all forms of infrastructure projects and stages—from design, to construction, to operations. Since 2004, the Going Digital Awards in Infrastructure program has recognized more than 4,400 of the world’s most outstanding infrastructure projects. Open to all Bentley software users, it is a unique program that is global in scope, with entries typically representing more than 40 countries.
These projects recognize innovative advancements and measurable impacts in infrastructure and sustainability. Projects may be recognized for their economic impact and innovative use of Bentley software, including the Bentley iTwin platform and infrastructure digital twins, 4D modeling, Infrastructure Internet of Things, and artificial intelligence. Projects may also be recognized for advancements that empower sustainable development goals in terms of climate action, energy transition and efficiency, circularity of land and water resources, and healthy communities.
Users are invited to nominate their projects for the Going Digital Awards in Infrastructure program, no matter which phase their project is in—planning/conception, design, construction, or operations. The Going Digital Awards finalists in each category will be recognized at an awards celebration in London in Q4 2022. This exclusive gathering provides an opportunity for awards finalists to present their going digital advancements to an audience of press, analysts, and infrastructure executives.
In addition to the juried awards, Bentley’s Founders will honor projects that transcend the narrower focus of the individual category awards, either through uniquely innovative use of Bentley software or by empowering sustainable development goals.
Every project nominated for an award receives recognition across the global infrastructure community. Through the Going Digital Awards in Infrastructure program participants:
For additional information about the 2022 Going Digital Awards in Infrastructure program, or to nominate a project, visit the Going Digital Awards in Infrastructure website.
Watch this video to discover why you should nominate your project for Going Digital Awards in Infrastructure.
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About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, Seequent’s leading geoprofessional software portfolio, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,500 colleagues and generates annual revenues of approximately $1 billion in 186 countries.
© 2022 Bentley, the Bentley logo, AssetWise, iTwin, MicroStation, ProjectWise, and Seequent are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.
Press Contact:
Christine Byrne
+1 203 805 0432
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SAN FRANCISCO & BOSTON--(BUSINESS WIRE)--Voltus, Inc. (“Voltus”), the leading distributed energy resource (DER) software platform, announced today that the company will participate in the Water Tower Research Fireside Chat Series on Tuesday, April 19, 2022, at 2:00 p.m. EDT. The event is open to the public, with registration information below.
Gregg Dixon, CEO of Voltus, will discuss how the Voltus software platform, which connects distributed energy resources to electricity markets, is helping usher in the clean energy transition by delivering less expensive, more reliable, and more sustainable electricity.
During the presentation, Gregg will answer questions and offer examples of how Voltus is working with some of the world’s largest energy consumers, like blockchain data center companies, and distributed energy resource (DER) partners, connecting all types of DERs to the grid, including electric vehicles, data mining computers, back-up power sources, and smart thermostats.
The presentation will be webcast live and available for replay by visiting the Investors section of the company’s website at https://www.voltus.co/investors.
Investors and others interested in participating in this event must register using the link below.
Register for the event here.
About Voltus
Voltus is the leading software technology platform connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and DER partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co.
On November 30, 2021, Broadscale Acquisition Corp. ("Broadscale") (Nasdaq: SCLE) entered into a definitive agreement for a business combination with Voltus. The combined company is expected to be listed on the Nasdaq upon completion of the transaction. The transaction is expected to occur in the second quarter of 2022 and is subject to approval by Broadscale's stockholders, the registration statement being declared effective by the SEC, and other customary closing conditions.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Voltus market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Broadscale and its management, and Voltus and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive merger agreement with respect to the business combination; 2) the outcome of any legal proceedings that may be instituted against Voltus, Broadscale, the combined company or others following the announcement of the business combination and any definitive agreements with respect thereto; 3) the inability to complete the business combination due to the failure to obtain approval of the stockholders of Broadscale or Voltus, or to satisfy other conditions to closing the business combination; 4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 5) the ability to meet Nasdaq's listing standards following the consummation of the business combination; 6) the risk that the business combination disrupts current plans and operations of Voltus as a result of the announcement and consummation of the business combination; 7) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; 8) costs related to the business combination; 9) changes in applicable laws or regulations; 10) the possibility that Voltus or the combined company may be adversely affected by other economic, business and/or competitive factors; 11) Voltus’s estimates of its financial performance; 12) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of Broadscale’s securities; 13) the risk that the transaction may not be completed by Broadscale’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Broadscale; 14) the impact of the novel coronavirus disease pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; 15) inability to complete the PIPE investment in connection with the business combination; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Broadscale’s registration statement on Form S-4 (File No. 333-262287), filed with the SEC on January 21, 2022 and as amended by Amendment No. 1 filed on March 18, 2022 (collectively, the “Registration Statement”), and other documents filed by Broadscale from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Broadscale nor Voltus gives any assurance that either Broadscale or Voltus or the combined company will achieve its expected results. Neither Broadscale nor Voltus undertakes any duty to update these forward-looking statements, except as otherwise required by law.
Use of Projections
This press release may contain financial forecasts of Voltus. Neither Voltus’s independent auditors, nor the independent registered public accounting firm of Broadscale, audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this press release, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this press release. These projections should not be relied upon as being necessarily indicative of future results. The projected financial information contained in this press release constitutes forward-looking information. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the projected financial information contained in this press release, and the inclusion of such information in this press release should not be regarded as a representation by any person that the results reflected in such projections will be achieved.
Additional Information and Where to Find It
In connection with the proposed transaction, Broadscale has filed with the U.S. Securities and Exchange Commission the Registration Statement, which included a preliminary proxy statement and a preliminary prospectus. After the Registration Statement has been declared effective, Broadscale will mail a definitive proxy statement /prospectus relating to the proposed transaction to its stockholders as of the record date established for voting on the proposed transactions. Broadscale’s stockholders and other interested persons are urged to carefully read the Registration Statement, including the preliminary proxy statement / preliminary prospectus, and any amendments thereto, and, when available, the definitive proxy statement/prospectus and other documents filed in connection with the proposed transaction, as these materials contain, or will contain, important information about the proposed transaction and the parties to the proposed transaction.
Broadscale’s stockholders and other interested persons will be able to obtain free copies of the Registration Statement, the preliminary proxy statement / preliminary prospectus, the definitive proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC, without charge, when available, at the website maintained by the SEC at www.sec.gov.
The documents filed by Broadscale with the SEC also may be obtained free of charge at Broadscale’s website at https://www.broadscalespac.com or upon written request to 1845 Walnut Street, Suite 1111, Philadelphia, PA 19103.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Broadscale and Voltus and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed transactions. Broadscale’s stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and executive officers of Broadscale listed in the Registration Statement. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from Broadscale’s stockholders in connection with the proposed business combination is set forth in the Registration Statement.
No Offer or Solicitation
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Investor Relations Contact – Voltus
Sioban Hickie, ICR, Inc.
Eduardo Royes, ICR, Inc.
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Media Contact – Voltus
Matt Dallas, ICR, Inc.
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LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced today that it will release financial results for the quarter ended Mar. 31, 2022 before the opening of market on Monday, May 2, 2022. The company’s press release and financial statements will be available on the company’s website at https://investors.itron.com on May 2, 2022 at 8:30 a.m. EDT followed by the management conference call at 10 a.m. EDT to discuss the results.
Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events.cfm. Participants should access the webcast 10 minutes prior to the start of the call to install and test any necessary audio software. Participants can also pre-register for the webcast at any time using the link above.
A telephone replay of the conference call will be available through May 7, 2022. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 3063181.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners, and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643
David Means
Director, Investor Relations
(737) 242-8448
Rebecca Hussey
Manager, Investor Relations
(509) 891-3574
DUBLIN--(BUSINESS WIRE)--The "Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power Rating (Up to 50 kW, 51-500 kW, 501-2500 kW, Above 2500 kW), Application, End User and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global power rental market is projected to reach USD 12.8 billion by 2027 from an estimated market size of USD 9.8 billion in 2022, at a CAGR of 5.6% during the forecast period.
The Diesel segment is expected to be the largest segment of the power rental market, by fuel type, during the forecast period
The power rental market, by fuel type, is segmented into diesel, natural gas and others. The diesel type segment is expected to be the largest segment in the power rental market, by fuel type, during the forecast period. The diesel segment is driven by the easy availability and storage of diesel in all the regions.
The 501 kW - 2500 kW segment is expected to be the largest contributor to the power rental market, by power rating, during the forecast period
The power rental market, by power rating, is segmented into Up to 50 kW, 51 kW - 500 kW, 501 kW - 2500 kW and above 2500 kW. The 501 kW - 2500 kW segment is expected to hold the largest size of the market for power rental during the forecast period. The 501 kW - 2,500 kW rating segment is driven by the increasing demand from the mining and utilities end-user segments.
The base load/continuous power segment is expected to be the largest market, by application, during the forecast period
The power rental market, by application, is segmented into Standby power, peak shaving and base load/continuous power. The market for base load/continuous power is expected to hold the largest size of the market for power rental during the forecast period. The growth of the base load/continuous power segment is driven by the increase in demand from events and power outages in rural areas.
The Generator segment is expected to be the largest market, by equipment, during the forecast period
The power rental market, by equipment, is segmented into generators, transformers, load banks and others. The generator segment is expected to be the largest market for power rental during the forecast period. The growth of the generators segment is driven by the increasing demand from end-use industries for various applications, majorly standby power.
The Utility end-user segment is expected to be the largest market, by end-user, during the forecast period
The power rental market, by end-user, is segmented into utility, oil & gas, construction, manufacturing, mining & metals, IT & Data centers, corporate & retail, events and others. The utility segment is expected to be the largest market for power rental during the forecast period. The growth of the utilities end-user segment is driven by the increasing requirement for power during peak hours in summer and natural calamities.
The retail rental segment is expected to be the largest market, by rental type, during the forecast period
The power rental market, by rental type, is segmented into retail rental and project rental. The retail rental segment is expected to be the largest market for power rental during the forecast period. The market for retail rental is driven by the requirement for short-duration rental services, especially in all the developed regions.
North America is expected to dominate the global power rental market
The North America region is estimated to be the largest market for the power rental, followed by Asia Pacific. North America is expected to continue to dominate the power rental market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/4cjr9b
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that it will hold a conference call on Wednesday, April 27, 2022, at 12:00 p.m. Eastern Time to discuss its first quarter 2022 earnings release.
To phone into the conference call, parties in the United States should dial 866-395-9624 and enter the passcode 9799359 after 11:45 a.m. Outside the United States, parties should dial 213-660-0871 and enter the passcode 9799359. This conference call will also be accessible by webcast (audio only) on Hess Midstream’s website at www.hessmidstream.com.
A replay of the conference call will be available from April 27, 2022, through May 12, 2022, by dialing 855-859-2056 and entering the passcode 9799359. Outside the United States, parties should dial 404-537-3406 and enter the passcode 9799359.
About Hess Midstream
Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.
Forward Looking Statements
This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Investor: Jennifer Gordon
(212) 536-8244
Media: Robert Young
(713) 496-6076
A record 23.7 GW of solar projects were acquired in Q1 2022
AUSTIN, Texas--(BUSINESS WIRE)--#MA--Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the global solar sector in the first quarter of 2022.
Total corporate funding—including venture capital (VC) funding, public market, and debt financing—in the solar sector in Q1 2022 came to $7.5 billion in 49 deals, 51% higher compared to $5 billion in 32 deals in Q4 2021. Funding was lower by 7% year-over-year (YoY) compared to Q1 2021.
CHART: Solar Corporate Funding Q1 2021 – Q1 2022
“Although financing activity was strong QoQ with robust demand for solar assets, significant headwinds are building up that can slow the momentum considerably,” said Raj Prabhu, CEO at Mercom Capital Group. “Continuing supply chain issues, higher inflation, and the interest rate trajectory going forward are already major concerns. Adding to this, if the Department of Commerce decides to impose tariffs on module imports from Malaysia, Cambodia, Thailand, and Vietnam, we could be looking at a substantial dropoff in investment activity.”
Global VC funding in the solar sector in Q1 2022 came to $1.2 billion in 26 deals. A total of 58 VC investors participated in Q1 2022.
CHART: Solar Top VC Funded Companies in Q1 2022
The top VC-funded deal in Q1 2022 was the $375 million raised by Palmetto. Of the $1.2 billion in VC funding raised in 26 deals during Q1 2022, 94% went to solar downstream companies, with $1.15 billion in 20 deals.
Public market financing in the solar sector dropped 115%, with $2.5 billion in Q1 2022 compared to $1.2 billion in Q4 2021.
Announced debt financing in Q1 2022 totaled $3.8 billion compared to $1.6 billion in Q4 2021.
Four securitization deals brought in $1.1 billion in Q1 2022, a 137% increase compared to Q4 2021.
There were 29 solar M&A transactions in Q1 2022 compared to 43 in Q4 2021.
Over 23 GW of large-scale solar projects were acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Large-scale solar project acquisitions in Q1 2022 were the second-highest recorded to date.
CHART: Solar Project Acquisitions Q1 2021 – Q1 2022
Project developers and independent power producers were the most active acquirers in Q1 2022, with 17 GW.
CHART: Solar Project Acquirer Mix (%) Q1 2021 – Q1 2022
Seventy-five companies and investors are covered in this 89-page report.
Get the report: https://mercomcapital.com/product/q1-2022-solar-funding-ma-report/
About Mercom Capital Group
Mercom Capital Group is a global communications and consulting firm focused on clean energy. Mercom produces funding and market intelligence reports covering Solar and Battery Storage/Smart Grid/Efficiency. Mercom advises cleantech companies on new market entry, custom market intelligence and strategic decision-making. https://www.mercomcapital.com.
Follow us: Twitter, Facebook and LinkedIn
Wendy Prabhu
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ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its fiscal year and fourth quarter ended January 31, 2022. For additional information, please read the Company’s Annual Report on Form 10-K, which the Company intends to file today with the U.S. Securities and Exchange Commission (the “SEC”). The Annual Report can be retrieved from the SEC’s website at www.sec.gov or from the Company’s website at www.arganinc.com.
Summary Information (dollars in thousands, except per share data)
|
|
January 31, |
|
|
|
|
||||
|
|
2022 |
|
2021 |
|
Change |
|
|||
For the Fiscal Years Ended: |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
509,370 |
|
$ |
392,206 |
|
$ |
117,164 |
|
Gross profit |
|
|
99,732 |
|
|
62,067 |
|
|
37,665 |
|
Gross margin % |
|
|
19.6 |
% |
|
15.8 |
% |
|
3.8 |
% |
Net income |
|
$ |
38,244 |
|
$ |
23,851 |
|
$ |
14,393 |
|
Diluted per share |
|
|
2.40 |
|
|
1.51 |
|
|
0.89 |
|
EBITDA |
|
|
53,837 |
|
|
29,544 |
|
|
24,293 |
|
Diluted per share |
|
|
3.38 |
|
|
1.87 |
|
|
1.51 |
|
Cash dividends per share |
|
|
1.00 |
|
|
3.00 |
|
|
(2.00) |
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, |
|
|
|
||||
As of: |
|
2022 |
|
2021 |
|
Change |
|||
Cash, cash equivalents and short-term investments |
|
$ |
440,498 |
|
$ |
456,726 |
|
$ |
(16,228) |
Net liquidity (1) |
|
|
284,257 |
|
|
270,133 |
|
|
14,124 |
RUPO (2) |
|
|
397,023 |
|
|
552,531 |
|
|
(155,508) |
(1) |
|
Net liquidity, or working capital, is defined as total current assets less total current liabilities. |
(2) |
|
The amount of remaining unsatisfied performance obligations (“RUPO”) represents the project backlog related to active contracts with customers, as determined under revenue recognition rules. |
“For the year, we were pleased to see increases in our business at all of our subsidiaries, resulting in an increase of 30% in our consolidated revenues year over year,” Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, said. “We are working hard to continue winning new projects to replace certain of our major projects expected to be completed this year. While it was difficult to see a few of our identified EPC project developments become unsuccessful, and for us to record certain impairments and writeoffs, we still believe there are a number of meaningful projects that will start this year for each of our subsidiaries. Since year end, our business in Ireland already has received two limited notices to proceed with early activities related to the construction of new gas-fired power plant facilities near Dublin. Also, we continue to be pleased with the current execution on all of our major projects despite the well-publicized global supply chain disruptions and current inflationary challenges.
Delivering value to our customers and stockholders is our top priority. We are committed to a disciplined capital allocation strategy that balances returning capital to our stockholders and investing in our business and people. With this in mind, our Board of Directors approved an increase in the Company's existing share repurchase program, from $50 million to $75 million. We look forward to building on our Fiscal 2022 successes with a strong Fiscal 2023.”
Fiscal Year 2022 Results
Consolidated revenues for the year ended January 31, 2022 (“Fiscal 2022”) were $509.4 million, which represented an increase of $117.2 million, or 29.9%, from consolidated revenues of $392.2 million reported for January 31, 2021 (“Fiscal 2021”). Revenues of the power industry services business increased by $78.7 million, or 24.7%, to $398.1 million for Fiscal 2022 compared to revenues of $319.4 million for Fiscal 2021. The revenues of this business represented 78.2% of consolidated revenues for Fiscal 2022 and 81.4% of consolidated revenues for the prior year. The primary drivers for the strong performance by the power industry services segment were increased revenues associated with the construction of the Guernsey Power Station and the Maple Hill Solar energy facility.
The revenues of industrial fabrication and field services increased by $32.6 million, or 50.0%, to $97.9 million for Fiscal 2022. Revenues for this segment for Fiscal 2022 and 2021 represented approximately 19.2% and 16.6% of corresponding consolidated revenues, respectively. The improvement in the current year business of this segment, which occurred primarily in field services, reflected increased project activity for several customers due to, in part, reduced COVID-19 challenges.
The amount of consolidated gross profit increased by 60.5% to $99.7 million for Fiscal 2022, or 19.6% of corresponding consolidated revenues, from the consolidated gross profit amount of $62.1 million reported for Fiscal 2021, which was 15.8% of corresponding consolidated revenues. The year-over-year improvement reflected the favorable impacts of the higher consolidated revenues and favorable gross profit contributions from all reportable business segments.
Selling, general and administrative expenses for Fiscal 2022 and Fiscal 2021 were $47.3 million, or 9.3% of corresponding consolidated revenues, and $39.0 million, or 10.0% of corresponding consolidated revenues, respectively. Additionally, as previously disclosed, due to the unsuccessful project development efforts by the Company’s consolidated VIE, we recorded an impairment loss related to capitalized project development costs in the amount of $7.9 million during the fourth quarter of Fiscal 2022, of which $2.5 million was attributed to the non-controlling interest.
Due primarily to the consolidated pre-tax book income reported for Fiscal 2022 in the amount of $47.1 million, we reported income tax expense in the amount of $11.4 million for the year. For Fiscal 2021, we reported consolidated pre-tax book income of $24.9 million and recorded income tax expense in the amount of $1.1 million, which amount is net of a $4.4 million net operating loss carryback benefit.
For Fiscal 2022, our improved overall operating performance resulted in net income attributable to our stockholders in the amount of $38.2 million, or $2.40 per diluted share. For Fiscal 2021, we reported net income attributable to our stockholders in the amount of $23.9 million, or $1.51 per diluted share.
As of January 31, 2022, cash, cash equivalents and short-term investments totaled $440 million and net liquidity was $284 million; furthermore, the Company had no debt. The Company’s consolidated amount of RUPO was approximately $0.4 billion as of January 31, 2022.
Fourth Quarter Results
Consolidated revenues for the quarter ended January 31, 2022 were $125.6 million, which represented an increase of $8.4 million, or 7.2%, from consolidated revenues of $117.2 million reported for the three months ended January 31, 2021. The primary drivers of revenues for the three months ended January 31, 2022 related to the construction of the Guernsey Power Station, the Maple Hill Solar energy facility and new Atlantic Projects Company projects. Gross profits increased slightly by $0.1 million to $22.2 million during the three months ended January 31, 2022 from $22.1 million for last year’s fourth quarter. However, our gross profit percentage for the current quarter declined to 17.7% of corresponding consolidated revenues, from 18.8% of corresponding revenues for last year’s fourth quarter, primarily due to a decrease in gross profits in our industrial fabrication and field services business.
Selling, general and administrative expenses for the three months ended January 31, 2022 and 2021 were $15.5 million and $10.2 million, respectively. The $5.3 million increase primarily reflected certain write offs and liability accruals associated with business development investments and other activities and with increased incentive compensation and other personnel costs. Additionally, we recorded the aforementioned impairment loss during the three months ended January 31, 2022.
As a result, our net income attributable to our stockholders for the three months ended January 31, 2022 declined to $2.2 million, or $0.14 per diluted share, compared to $9.6 million, or $0.60 per diluted share, for the prior year quarter.
Share Repurchase Program
Yesterday, the Company’s Board of Directors approved an increase in the existing program to repurchase shares of the Company's common stock from $50 million to $75 million. To date, the Company has repurchased 969,831 shares of common stock at a cost of approximately $37.5 million under the program.
The Board’s authorization permits the Company to make purchases of its common stock from time to time in the open market or through privately negotiated transactions, subject to market and other conditions, up to the aggregate authorized amount. The authorization of the Board of Directors allows the repurchase of shares through January 2024.
About Argan
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, the Company’s ability to successfully complete the projects that it obtains and the resurgence of the COVID-19 pandemic due to the spread of various variants. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.
ARGAN, INC. AND SUBSIDIARIES |
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||||||
(In thousands, except per share data) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Years Ended |
||||||||
|
|
January 31, |
|
January 31, |
||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||
REVENUES |
|
$ |
125,570 |
|
$ |
117,235 |
|
$ |
509,370 |
|
$ |
392,206 |
Cost of revenues |
|
|
103,339 |
|
|
95,150 |
|
|
409,638 |
|
|
330,139 |
GROSS PROFIT |
|
|
22,231 |
|
|
22,085 |
|
|
99,732 |
|
|
62,067 |
Selling, general and administrative expenses |
|
|
15,508 |
|
|
10,214 |
|
|
47,321 |
|
|
39,041 |
Impairment losses |
|
|
7,901 |
|
|
— |
|
|
7,901 |
|
|
— |
(LOSS) INCOME FROM OPERATIONS |
|
|
(1,178) |
|
|
11,871 |
|
|
44,510 |
|
|
23,026 |
Other income, net |
|
|
983 |
|
|
145 |
|
|
2,552 |
|
|
1,859 |
(LOSS) INCOME BEFORE INCOME TAXES |
|
|
(195) |
|
|
12,016 |
|
|
47,062 |
|
|
24,885 |
Income tax expense |
|
|
(128) |
|
|
(2,465) |
|
|
(11,356) |
|
|
(1,074) |
NET (LOSS) INCOME |
|
|
(323) |
|
|
9,551 |
|
|
35,706 |
|
|
23,811 |
Net loss attributable to non-controlling interests |
|
|
(2,538) |
|
|
— |
|
|
(2,538) |
|
|
(40) |
NET INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. |
|
|
2,215 |
|
|
9,551 |
|
|
38,244 |
|
|
23,851 |
Foreign currency translation adjustments |
|
|
(642) |
|
|
685 |
|
|
(1,370) |
|
|
35 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE
|
|
$ |
1,573 |
|
$ |
10,236 |
|
$ |
36,874 |
|
$ |
23,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE ATTRIBUTABLE TO THE
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
$ |
0.61 |
|
$ |
2.43 |
|
$ |
1.52 |
Diluted |
|
$ |
0.14 |
|
$ |
0.60 |
|
$ |
2.40 |
|
$ |
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,590 |
|
|
15,697 |
|
|
15,715 |
|
|
15,668 |
Diluted |
|
|
15,713 |
|
|
15,880 |
|
|
15,913 |
|
|
15,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH DIVIDENDS PER SHARE |
|
$ |
0.25 |
|
$ |
1.25 |
|
$ |
1.00 |
|
$ |
3.00 |
ARGAN, INC. AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(In thousands, except share and per share data) |
||||||
|
|
|
|
|
|
|
|
|
January 31, |
||||
|
|
2022 |
|
2021 |
||
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
350,472 |
|
$ |
366,671 |
Short-term investments |
|
|
90,026 |
|
|
90,055 |
Accounts receivable, net |
|
|
26,978 |
|
|
28,713 |
Contract assets |
|
|
4,904 |
|
|
26,635 |
Other current assets |
|
|
34,904 |
|
|
34,146 |
TOTAL CURRENT ASSETS |
|
|
507,284 |
|
|
546,220 |
Property, plant and equipment, net |
|
|
10,460 |
|
|
20,361 |
Goodwill |
|
|
28,033 |
|
|
27,943 |
Other purchased intangible assets, net |
|
|
3,322 |
|
|
4,097 |
Deferred taxes, net |
|
|
457 |
|
|
249 |
Right-of-use and other assets |
|
|
4,029 |
|
|
3,760 |
TOTAL ASSETS |
|
$ |
553,585 |
|
$ |
602,630 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
41,822 |
|
$ |
53,295 |
Accrued expenses |
|
|
53,315 |
|
|
50,750 |
Contract liabilities |
|
|
127,890 |
|
|
172,042 |
TOTAL CURRENT LIABILITIES |
|
|
223,027 |
|
|
276,087 |
Other noncurrent liabilities |
|
|
4,963 |
|
|
4,135 |
TOTAL LIABILITIES |
|
|
227,990 |
|
|
280,222 |
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding |
|
|
— |
|
|
— |
Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,788,673 and 15,706,202 shares issued at January 31, 2022 and 2021, respectively; 15,257,688 and 15,702,969 shares outstanding at January 31, 2022 and 2021, respectively |
|
|
2,368 |
|
|
2,356 |
Additional paid-in capital |
|
|
158,190 |
|
|
153,315 |
Retained earnings |
|
|
188,690 |
|
|
166,110 |
Less treasury stock, at cost – 530,985 and 3,233 shares at January 31, 2022 and 2021, respectively |
|
|
(20,405) |
|
|
(33) |
Accumulated other comprehensive loss |
|
|
(2,451) |
|
|
(1,081) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
326,392 |
|
|
320,667 |
Non-controlling interests |
|
|
(797) |
|
|
1,741 |
TOTAL EQUITY |
|
|
325,595 |
|
|
322,408 |
TOTAL LIABILITIES AND EQUITY |
|
$ |
553,585 |
|
$ |
602,630 |
ARGAN, INC. AND SUBSIDIARIES |
||||||
Reconciliation to EBITDA |
||||||
(In thousands)(Unaudited) |
||||||
|
|
Three Months Ended |
||||
|
|
January 31, |
||||
|
|
2022 |
|
2021 |
||
Net (loss) income, as reported |
|
$ |
(323) |
|
$ |
9,551 |
Income tax expense |
|
|
128 |
|
|
2,465 |
Depreciation |
|
|
807 |
|
|
917 |
Amortization of purchased intangible assets |
|
|
190 |
|
|
227 |
EBITDA |
|
|
802 |
|
|
13,160 |
EBITDA of non-controlling interests |
|
|
(2,538) |
|
|
— |
EBITDA attributable to the stockholders of Argan, Inc. |
|
$ |
3,340 |
|
$ |
13,160 |
|
|
|
|
|
|
|
|
|
Years Ended |
||||
|
|
January 31, |
||||
|
|
2022 |
|
2021 |
||
Net income, as reported |
|
$ |
35,706 |
|
$ |
23,811 |
Income tax expense |
|
|
11,356 |
|
|
1,074 |
Depreciation |
|
|
3,367 |
|
|
3,715 |
Amortization of purchased intangible assets |
|
|
870 |
|
|
904 |
EBITDA |
|
|
51,299 |
|
|
29,504 |
EBITDA of non-controlling interests |
|
|
(2,538) |
|
|
(40) |
EBITDA attributable to the stockholders of Argan, Inc. |
|
$ |
53,837 |
|
$ |
29,544 |
Company Contact:
Rainer Bosselmann
301.315.0027
Investor Relations Contact:
David Watson
301.315.0027
HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it will host its first quarter 2022 earnings conference call at 10:00 AM CDT on Friday, May 6, 2022. Forum will issue a press release regarding its first quarter 2022 earnings prior to the conference call.
To participate in the earnings conference call, please call 855-757-8876 within North America, or 631-485-4851 outside of North America. The access code is 8657545. The call will also be broadcast through the Investor Relations link on Forum’s website at www.f-e-t.com. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. A replay of the call will be available for two weeks after the call and may be accessed by dialing 855-859-2056 within North America, or 404-537-3406 outside of North America. The access code is 8657545.
FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Company Contact
Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
This email address is being protected from spambots. You need JavaScript enabled to view it.
ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“The Partnership”)
Distribution
The Partnership announced today that its Board of Directors has declared a quarterly cash distribution with respect to the quarter ended March 31, 2022, of $0.52 per unit.
This corresponds to $2.08 per outstanding unit on an annualized basis.
This cash distribution will be paid on May 12, 2022 to all unitholders of record as of the close of business on April 28, 2022.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.
Forward looking statements
This press release includes statements that may constitute forward-looking statements. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. Factors that can affect future results are discussed in the Annual Report on Form 20-F filed by the Partnership with SEC. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Tel: +44 7496 170 620
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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